The servicing mortgage company is the company to whom you make your payments. The servicing mortgage banks often benefit from the belief you can save time and money refinancing with them.

Refinancing with your current servicing mortgage company gives you no guarantee of cost or time savings!

Note: Read Our Top Five Mortgage Complaints!

But mortgage shoppers don’t know that.

Another misguided thought: When purchasing, believing you’ll get special consideration from your current servicing mortgage company because they “know you”.

You think you’ll get a better deal with the company you currently make your payments to because somehow they can look at your payment history and say “wow these guys made all their payments on time….we should give them a special deal.”

Trust me, it doesn’t work that way!

A refinance is new loan even with your existing mortgage company. Originating a new loan with them is the same as orginating a new loan with a new company. Both will follow the same procedures to get the refinance processed, approved, and closed.

By all means if want to get a quote from your existing company, do so. Just be sure to get quotes from a few other companies as well like a any good mortgage shopper would.

Good Luck!

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